A new survey of professionals working in UK financial services businesses has identified the key investment areas for attracting, retaining, and developing top talent within the sector.
The research, conducted by Davies, a leading specialist in professional services and technology for insurance and highly regulated markets, found that while 70% of respondents believe their organizations foster a positive and supportive culture, 63% felt that additional efforts are needed to attract younger people to the financial services industry.
Furthermore, the survey highlighted the biggest challenge in attracting top talent: meeting or exceeding salary expectations. Forty-three percent of senior leaders cited competitive compensation as a key hurdle in recruitment efforts.
This research provides valuable insights for UK financial services businesses looking to improve their approach to talent acquisition and retention in an increasingly competitive market.
Other key challenges relating to retaining and developing talent included offering a balance between remote and on-site work (38% of senior leaders citing it as a challenge), offering comprehensive benefits packages (36%), demonstrating clear career development opportunities (35%) and caring for employee mental well-being (33%).
The digital skills gap was another area of focus for the survey, which found that while 65% of those in middle management (or lower) positions believe they have sufficient digital skills to excel at their job, 63% of senior managers believe lack of digital skill is an issue in their workforce, with 30% describing it as ‘a very serious issue’.
Commenting on the research, David Leen, Regulated Markets, Davies, said: “Ultimately, the findings show that organisations must overcome many challenges if they are to attract and retain the best talent. Offering competitive salaries is important but businesses must focus on developing a rounded offering to present to prospective and current staff if they want to win the fierce battle for talent.”
Craig Potter, Senior Partner – Professional Education, Davies added: “That such a high proportion of managers have identified the need to attract younger talent to the sector shows that this is an ongoing and urgent challenge. Financial services organisations must be able to compete with other industries to attract the most talented individuals. As such, they need to have strategies in place not only to recruit younger colleagues in the first place but to develop and nurture them effectively, paving the way for a new generation of senior leaders.”
